When a company struggles with serious financial issues, that company may consider filing for bankruptcy. Recently, several large retailers with stores throughout Georgia, as well as several local chains have turned to bankruptcy as a result of significant financial losses.
Many of these companies are well-known both in the country and throughout the state of Georgia—a few include:
- Fred’s: Fred’s is a discount chain with stores in Georgia, Alabama, Florida, and a few other states. It sold everything from food to cleaning supplies, and due to losses over the past four years, the company decided to file for bankruptcy in September 2019. The company had over 500 stores at the beginning of the year, but the remaining 300 stores will close later this month.
- Forever 21: Earlier this year, Forever 21, a large clothing retailer filed for bankruptcy. Recently the company announced that it was going to close approximately 180 stores as party of the bankruptcy process. According to a recently court filing, two of those stores are located in Georgia and are set to close by the end of the year.
- Star Chain, Inc.: Star Chain is better known as the companies that operate more than 48 restaurants throughout Atlanta. These restaurants include franchisors Checkers, Captain D’s, Newk’s, and Yogli Mogli. The company filed for a Chapter 11 Bankruptcy in Atlanta on October 2, 2019.
How a Personal Bankruptcy Can Help Your Financial Situation
Unfortunately, it’s not only companies that face financial difficulties that can lead to overwhelming debt. Many individuals or couples find themselves in this situation as well. Bankruptcy is not just an option for large corporations—filing a personal bankruptcy can help individuals facing serious financial trouble get out of a bad situation and have a fresh financial start. If you have found yourself in this type of difficult financial situation, you should speak to an experienced Atlanta Bankruptcy Attorney who can help you determine if a personal bankruptcy is the right move for you.
There are different types of personal bankruptcies including a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy. In a Chapter 7 bankruptcy, certain assets are liquidated to pay back your creditors and other debts are then discharged. In a Chapter 13 bankruptcy, you can keep your assets and will pay back your debts over a period of time based on a debt repayment plan. Both types of personal Bankruptcy can be used to help you stop further financial problems and move toward a better financial future.
Get Atlanta Bankruptcy Help Today
As previously mentioned, Bankruptcy can be an option for individuals facing financial trouble, just like it is an option for companies experiencing financial difficulties. If you are considering a personal bankruptcy, contact the skilled Atlanta bankruptcy attorneys at The Ballard Law Group at 404-220-9906. We offer a free consultation to discuss your specific financial situation and can answer your questions about personal bankruptcy and what type of bankruptcy would be the best option for you. Give us a call to schedule your free consultation today!